Rupee falls by 29 paise on fresh dollar demand, weak equities
PTI | 06:05 PM,May 05,2011Mumbai, Jan 18 (PTI) Continuing its upward journey for the fifth straight day, the rupee jumped 35 paise to close at a fresh two-month high of 50.38/39, on the back of sustained capital inflows amid dollar selling by exporters and some banks. At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed strong at 50.58/59 a dollar, a level not seen since November 14, 2011. Increased capital inflows amid dollar selling by exporters and some banks helped the local currency recover to end at 50.38/39, a net gain of 0.69 per cent. Foreign Institutional Investors (FIIs) pumped in over USD 3 billion in the debt market and USD 838.18 billion in equities in the current month till January 17. Meanwhile, the BSE benchmark Sensex ended on a flat note, down marginally by 15 points at 16,451.47. Traders said bearish dollar in global markets also helped the rupee to maintain its upward journey. The dollar index, a gauge of the US currency against six major currencies, was down by over 0.4 per cent ahead of a key meeting between Greece and its creditors later in the day. MORE
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